In this piece, we will take a look at the 15 biggest quarry companies in the world. For more companies, head on over to 5 Biggest Quarry Companies in the World.
To be honest, quarrying really isn't the most lucrative of industries. Grinding and shoveling rocks doesn't have the same 'zing' as say for instance launching rockets. Yet, every day thousands of miners toil away in the background, to break rock and extract minerals from underneath or produce the building block of the modern day world, cement. Cement is made from raw materials such as limestone, and this is extracted by blasting away rocks to extract the mineral. So, safe to say, while quarrying itself isn't glamorous, it's still the bedrock of modern day civilization and has ensured that city skylines and skyscrapers give today's civilization a unique and distinct look from those of the past.
Additionally, even though it's a relatively simple endeavor that requires explosives and large trucks to carry away the blasted rocket, the global quarrying and stone mining industry is still quite lucrative. According to a research report from The Business Research Company, the industry was worth $8 billion in 2020 after having grown through a compounded annual growth rate (CAGR) of 1.2% since 2015. From 2020 until 2025, the research firm expects that the industry will post a CAGR of 6.7%, more than five times its previous growth rate, and be worth $11 billion by the end of the forecast period. The Business Research Company adds that in the five years between 2025 and 2030, the global quarrying industry will slow down its growth and sit at $14 billion after growing by 5.1%.
Detailing the factors for this growth, the research firm believes that the quarrying industry is interlinked with the broader economy. Government expenditure on construction projects drives up the demand for construction materials, and urbanization combined with population growth can act as stimulants for the market. A report from the G20's Global Infrastructure Hub shares that by 2040, the global gross domestic product (GDP) is expected to double from 2015 levels, with developing and emerging markets expected to grow at an average rate of 3.4% annually. At the same time, the global population is estimated to grow by 25%, but cities will swell at an even higher rate, as the G20 believes the urban population will grow by 46% over the same time period. As is natural, these growing population rates also require higher infrastructure investment, and on this front, the report outlines that current infrastructure investment is insufficient to meet these growth levels. This is due to the fact that an estimated infrastructure investment of $94 trillion by 2040 faces a shortfall of $15 trillion, as the current investment is growing by a 3% CAGR - fifty basis points, or 0.5%, slower than the required rate of 3.5%.
These factors 'cement' the fact that growth in quarrying and stone crushing is closely related to broader economic growth. A study by the Extractive Industries Transparency Initiative (EITI) examines this link in the British economy. It outlines that growth in the British economy leads to a higher demand for construction materials. The organization cites post pandemic economic growth in Britain to outline that as the British GDP grew by 7.4% annually in 2021, construction outpaced the broader economic growth by rising by 12.9%. In turn, this growth stimulated the growth for crushed rock aggregates and led to an overall growth in construction demand for rock aggregates to go up by 15.7% annually.
Finally, in terms of the situation on the ground, the management of Martin Marietta Materials, Inc. (NYSE:MLM) shared their analysis of the market and shared during the firm's fourth quarter of 2022 earnings call:
We’re finally enthusiastic about Martin Marietta’s prospects in 2023 and beyond as we build upon the foundation established in 2022. As indicated in our supplemental materials, historic legislation, including the Infrastructure Investment and Jobs Act or IIJA, Inflation Reduction Act and CHIPS Act are expected to support multiyear demand for our products across infrastructure and heavy nonresidential construction sectors, thereby improving the durability of our business through the current period of macroeconomic uncertainty. Starting first with infrastructure. The value of state and local governments highway, bridge and tunnel contract awards, a leading indicator of future demand, grew 24% to a record $102 billion in 2022.
With these details in mind, let's take a look at some of the biggest quarrying companies in the world, out of which the top players are HeidelbergCement AG (OTCMKTS:HDELY), Holcim Ltd (OTCMKTS:HCMLF), and CRH plc (NYSE:CRH).
15 Biggest Quarry Companies in the World
Mark Agnor/Shutterstock.com
Our Methodology
To compile our list of the biggest quarrying companies in the world, we first cast a wide net to consolidate all firms that primarily quarry for aggregates and other materials. Then, the list was supplemented by the world's biggest mining companies, since their sheer annual output requires them to blast through tons of rock annually. Additionally, while attention has mostly been paid to public companies, some large private names are also included. Additionally, the mining firms are listed first to avoid biasing the list and all companies are ranked according to their revenue.
Vale S.A. (NYSE:VALE) is a Brazilian mining company that is headquartered in Rio De Janeiro, Brazil. The firm extracts and transports iron pellets and other minerals.
By the end of last year's fourth quarter, 28 of the 943 hedge funds polled by Insider Monkey had held a stake in Vale S.A. (NYSE:VALE). Out of these, the firm's largest investor is Peter Rathjens, Bruce Clarke, and John Campbell's Arrowstreet Capital which owns 31 million shares that are worth $529 million.
Along with Holcim Ltd (OTCMKTS:HCMLF), HeidelbergCement AG (OTCMKTS:HDELY), and CRH plc (NYSE:CRH), Vale S.A. (NYSE:VALE) is one of the largest quarrying company in the world.
14. Anglo American plc (OTCMKTS:NGLOY)
Latest Revenue Estimate: $35.1 billion
Anglo American plc (OTCMKTS:NGLOY) is one of the largest mining companies in the world, which accounts for a large portion of global platinum production. It also extracts and sells coal, iron ore, copper, nickel, and diamonds, Anglo American plc (OTCMKTS:NGLOY)'s operations are located all over the world, and the firm is headquartered in London, the United Kingdom.
Rio Tinto Group (NYSE:RIO) is another British mining company. The firm is based in London, the United Kingdom and it extracts and sells aluminum, copper, iron, and other minerals.
Insider Monkey took a look at 943 hedge fund portfolios for last year's December quarter and found out that 29 had bought the firm's shares. Rio Tinto Group (NYSE:RIO)'s largest investor is Ken Fisher's Fisher Asset Management with a $1 billion stake that comes via 14 million shares.
BHP Group Limited (NYSE:BHP) is an Australian firm based in Melbourne, Australia. The firm mines silver, gold, coal, iron, aluminum, and other minerals and metals.
28 of the 943 hedge funds surveyed by Insider Monkey had bought BHP Group Limited (NYSE:BHP)'s shares during Q4 2022. The firm's largest investor in our database is Ken Fisher's Fisher Asset Management with a $1.1 billion stake.
11. Rogers Group Inc
Latest Revenue Estimate: N/A
Rogers Group Inc is a privately held American firm that claims to be the largest private aggregate construction materials provider in America. The firm has 85 quarries in 10 states as well as 55 asphalt plants. Its crushed stone products include base stone, surge, and rip rap.
10. United States Lime & Minerals, Inc. (NASDAQ:USLM)
Latest Revenue Estimate: $236 million
United States Lime & Minerals, Inc. (NASDAQ:USLM) is an American firm headquartered in Dallas, Texas. The company extracts limestone from both its mines and quarries and sells the products to a variety of industries such as construction and paper manufacturers.
As of Q4 2022, four of the 943 hedge funds part of Insider Monkey's database had invested in United States Lime & Minerals, Inc. (NASDAQ:USLM). The firm's largest investor out of these is Jim Simons' Renaissance Technologies which owns 169,410 shares that are worth $23 million.
9. Adbri Limited (OTCMKTS:ADLDY)
Latest Revenue Estimate: $1.07 million (1AUD = 0.67USD)
Adbri Limited (OTCMKTS:ADLDY) is an Australian company based in Sydney, Australia. It makes and distributes construction materials such as aggregates, cement, and lime.
Carmeuse Lime & Stone Inc is a Belgian privately held mining company headquartered in Louvain-la-Neuve, Belgium. It produces lime and limestone and is a subsidiary of Carmeuse Holding S.A.
Minerals Technologies Inc. (NYSE:MTX) is an American firm headquartered in New York, New York. It sells a variety of construction materials and specialty minerals.
14 of the 943 hedge funds part of Insider Monkey's Q4 2022 research had owned Minerals Technologies Inc. (NYSE:MTX)'s shares. Out of these, Chuck Royce's Royce & Associates is the largest shareholder with a $37 million stake.
Martin Marietta Materials, Inc. (NYSE:MLM) sells aggregates and other building materials such as gravel and crushed stone.
Insider Monkey dug through 943 hedge fund portfolios for 2022's fourth quarter and found out that 46 had invested in Martin Marietta Materials, Inc. (NYSE:MLM). The firm's largest investor is Robert Joseph Caruso's Select Equity Group which owns 3.6 million shares worth $1.2 billion.
HeidelbergCement AG (OTCMKTS:HDELY), Martin Marietta Materials, Inc. (NYSE:MLM), Holcim Ltd (OTCMKTS:HCMLF), and CRH plc (NYSE:CRH) are some of the biggest quarrying firms in the world.
